Fort Smith, AR Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Fort Smith, AR Housing Market Trends

With 87,891 people, 35,908 houses or apartments, and a median cost of homes of $113,206, the cost of homes in Fort Smith is among some of the lowest in the nation. Compared to Arkansas, however, Fort Smith real state is not on the lower end of the price spectrum.

Single-family detached homes are the single most common housing type in Fort Smith, accounting for 65.47% of the city's housing units. Other types of housing that are prevalent in Fort Smith include large apartment complexes or high rise apartments ( 17.22%), duplexes, homes converted to apartments or other small apartment buildings ( 13.80%), and a few row houses and other attached homes ( 2.86%).

The most prevalent building size and type in Fort Smith are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 49.75% owning and 50.25% renting.

There is a lot of housing in Fort Smith built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Fort Smith built between 1940-1969 ( 34.95%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.77%). There's also some housing in Fort Smith built before 1939 ( 7.36%).

Vacant housing appears to be an issue in Fort Smith. Fully 10.19% of the housing stock is classified as vacant. Left unchecked, vacant Fort Smith homes and apartments can be a drag on the real estate market, holding Fort Smith real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Fort Smith Home Appreciation Rates

Fort Smith's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Fort Smith during the period has been just 1.44%, which is lower than 80% of US communities.

Over the last year, Fort Smith appreciation rates have trailed the rest of the nation. In the last twelve months, Fort Smith's appreciation rate has been 2.92%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fort Smith were at 1.92%, which equates to an annual appreciation rate of 7.89%.

Relative to Arkansas, our data show that Fort Smith's latest annual appreciation rate is lower than 90% of the other cities and towns in Arkansas.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Fort Smith differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fort Smith - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Fort Smith real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$113,206

Fort Smith, AR HOME PRICES

> $1,109,000
0.4%
0.4%
$832,001 - $1,109,000
0.3%
0.3%
$555,001 - $832,000
1.8%
1.8%
$444,001 - $555,000
1.8%
1.8%
$333,001 - $444,000
3.0%
3.0%
$222,001 - $333,000
11.1%
11.1%
$111,001 - $222,000
35.8%
35.8%
$56,001 - $111,000
36.8%
36.8%
$0 - $56,000
9.0%
9.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Average for AR

Value Relative To Nation

Number Of Homes And Apartments:
35,908

Fort Smith Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AR*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
47.37% 1.86%
4
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$860 / per month

Homeownership Rate

Owners
49.8%
49.8%
Renters
50.2%
50.2%
Vacant
10.2%
10.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.8%
13.8%
1970 - 1999
43.9%
43.9%
1940 - 1969
34.9%
34.9%
1939 or Older
7.4%
7.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
65.5%
65.5%
Townhomes
2.9%
2.9%
Small Apt. Buildings
13.8%
13.8%
Apt. Complexes
17.2%
17.2%
Mobile Homes
0.7%
0.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.6%
3.6%
1 Bedroom
12.7%
12.7%
2 Bedrooms
28.2%
28.2%
3 Bedrooms
43.4%
43.4%
4 Bedrooms
10.3%
10.3%
5 or more bedrooms
1.9%
1.9%
0.0% 100.0%
% OF HOMES